TO: Mayor and Commissioners
FROM: Hugh Dunkley, Finance Director
THROUGH: Terrence Moore, City Manager
DATE: May 17, 2022
Title
APPROVAL OF RESOLUTION NO. 52-22 TO AWARD A FIVE-YEAR AGREEMENT TO PFM FINANCIAL ADVISORS LLC FOR FINANCIAL ADVISORY SERVICES IN A NOT-TO-EXCEED AMOUNT OF $115,000.
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Recommended Action:
Recommendation
Motion to approve Resolution No. 52-22 to award a five year Agreement to PFM Financial Advisors LLC (PFM) for financial advisory services in the not to exceed amount of $115,000 for services for the Agreement term and authorize the City Manager to execute renewals, in the amounts detailed below, contingent on appropriation of funds.
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Background:
On December 14, 2021, Seminole County (County) entered into a five-year agreement with PFM, pursuant to RFP-604124-21/TKH, to provide financial advisory services for general and special obligation debt transactions related to the issuance of bonds, bank loans, notes, certificates, or other financial instruments as well as on-going financial advisory services. The County’s contract is valid for a period of five (5) years at the sole option of the County, may be renewed for two (2) successive periods not to exceed one (1) year each. This piggyback agreement will allow the City to ensure continuity in utilizing PFM in the analysis, structure, and marketing of debt obligations for capital projects as well as other tasks.
The City of Delray Beach has a very aggressive capital improvement plan over the next few years which will require financing. The financial advisor (FA) will provide financial advisory services for general and special obligation debt transactions related to the issuance of bonds, bank loans, notes, certificates, and/or other financial instruments as well as on-going financial advisory services. Additionally, the FA will assist in researching and evaluating financing plans and strategies to meet capital improvement program needs at acceptable costs; making recomm...
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